Independent Sample t-test Using SPSS Coursework

Independent Sample t-test Using SPSS - Coursework Example For this particular case, the samples were collected from the population (total number) of students studying Level 1Business Management at the University, and who took part in an Entrepreneurship Project. Therefore, one would say that the inclusion criterion was for students taking Business at level 1 and undertaking the project. Consequently, two different samples of unknown means were obtained randomly from this population: those who had studied Business previously (At A-level or equivalent), and those who had not. Generally, samples for t-test can be selected from a single population that is divided into two subgroups like our case. In descriptive research, we can define study population based on geographic location or sex, with additional variables and attributes such as our case where we used previous Business study as an attribute to categorize the group.The common statistical procedure is to assume that populations were samples are drawn have equal variances. However, it is im portant to test this assumption because certain statistical tests require equal variances of populations. Levene’s Test, an inferential statistic helps to assess whether variances are equal for two groups. That is, it tests the homoscedasticity or null hypothesis of equal population variances, also called the homogeneity of variance. Consequently, there are three possible instances where testing variance equality is a major concern. The first instance is when drawing inferences about population variances due to scientific interests.

Project Finance in the FertiNitro Company Coursework

Project Finance in the FertiNitro Company - Coursework Example Polar is a passive sponsor of FertiNitro and is not directly involved in the business of construction and operation of the fertilization plant. Polar is mainly a food and beverage company with present joint ventures in companies like Koch and Pequiven which are the major stakeholders of FertiNitro. The total revenue generated by the Polar group is the US $1.9 billion. More than 2% of the company goes to Venezuela’s non-oil GDP (Duff & Phelps, 1998, p.5). Impact of the Sponsors’ contribution on the project in terms of viability as a stand-alone project financing The strategy adopted by Polar in the investment of export projects has generated profitable returns to Venezuela. The first project to invest in Polar is FertiNitro. The indirect involvement of Polar in the project of FertiNitro has resulted in being the important mitigant to it. PDVSA gas is the subsidiary company of Polar Group which contributes to the major portion of the gas requirement of the country made available by FertiNitro. The foreign exchange over the past decades has been favorable for PDVSA which gives FertiNitro another reason to make the Polar group a part of its sponsors. The indirect participation of PDVSA in FertiNitro the foreign transfers and the risk convertibility gets minimized. PDVSA also has the leading market in urea in South America along with Pequiven which is the petrochemical wing of PDVSA. PDVSA is also responsible for offsetting the risk of the volatile market by lowering the cost of the feedstock gas supply. PDVSA is the world second largest Oil and Gas Company contributes the most to the FertiNitro as the company both directly and indirectly invests in the company. Even the internal funds of Pequiven are sponsored by PDVSA. Thus the viability of FertiNitro based on the stand-alone project financing of the Polar Group will bring about remarkable results as the company in engages in both direct and indirect financial investment for the company. Both the cost overruns and the time overruns of the company will be under check in spite of the fact that as Polar the company contributes to the 10% of sponsorship to FertiNitro and is a passive sponsor. Following aspects of the project with relevant matters Off-taker, The Polar Group has signed an offtake agreement with both Pequiven and Koch Off takers which are both joint ventures. The Koch Off taker bears the obligation of 75% of the ammonia and 43% of an area of the company that is available for sale during the year. Similarly, the rest of the obligation of the Polar Group’s off-take agreement lies with Pequiven. Certain specification of the company related to the off-taker agreement has to be abided by the mentioned companies like appointing an independent inspector regarding the approval of the off-takers who will be in charge of determining the quality of the product to be delivered. Based on the independent inspector’s assessment the rejection of the non-conforming products is made or availed at a discounted rate. At the initial level of agreement, Koch will have the rights to sell the products and delivering the same in North America while Pequiven will follow a similar act in South America, Caribbean, and Central America.  Ã‚  

Financial Crises Presentation PowerPoint Example | Topics and Well Written Essays - 2500 words

Financial Crises - PowerPoint Presentation Example The purpose of this study is to explain the main types and causes of crises in financial markets and analyse the responses (such as quantitative easing QE) to them by the governments. The types of financial crisis can be primarily classified into banking crisis, international financial crisis, wider economic crises, and speculative bubbles and crashes. Crisis in banks occur due to sudden withdrawals by depositors probably due to unexpected panic looming over the market. The basic business model in any bank will reveal that the main earnings of the bank are generated from the difference between interest earned from investment in profitable projects and the interest paid on deposits. As the banks lend out the majority portion of cash they receive on deposits in avenues of optimum investment, any sudden demand for pull back of money by the depositors will make the bank insolvent because of the fact that no banking organisation has the liquidity to repay their demand and time deposits at the same time. This causes some customers to lose their money on deposits and the panic quickly spreads over the market causing depositors in other banks to pullout money from banks. This creates a cyclical chain reaction in the financial markets that adversely affects investor sentiments and thereby creating banking financial crisis. This phenomenon is also called the ‘bank run’. Example of such banking financial crises or bank run includes the Northern Rock bank run in 2007 and the legendary run on banks of United States in the year 1931. International financial crises occurs when a country that previously maintained fixed exchange rate regime is abruptly forced to adopt floating rate system. This generally requires devaluation of currency due to market speculation. This type of crisis is also known as the balance of payment crisis or the currency crisis. The origin of the crisis lies with the difference in relative exchange rate between the

The Chrysalids Theme Essay Example for Free

The Chrysalids Theme Essay â€Å"The Chrysalids† can actually be inferred from the book’s title. â€Å"Without change, there would simply be no progress or improvement†, is the main theme of this novel. The scientific definition of chrysalids is an insect in the stage of development between a larva and an adult insect. Chrysalids can also mean a preparatory or transitional state. In â€Å"The Chrysalids†, three main stages of civilizations can be identified. They are the Fringes civilizaztion, the Waknuk civilization, and the Sealand civilization. The Fringes civilization and the Waknuk civilization are both in a stage of change. The Sealand civilization is the end result of the progress of change, a well technological civilization. The Fringes people have the poorest civilization in the novel. They live in tents and shelters and often have to steal for food. On the other hand, the Waknuk people are a bit well off. They have steady lives and farm for a living. However, the Fringes people have a totally different view from the Waknuk people. The Fringes people think life is change and the reason that God sent Tribulation is because of the little change that is happening. The Waknuk people resist change. They think that if they have kept everything perfect, or in another word have kept everything the same, God would not have sent Tribulation. This belief made the Waknuk people have no progress in civilization. No newer breeds of animals are allowed and no new crops should be planted. Anything different from the original species would be cast away and thrown to the Fringes. The Fringes people had wanted change but sadly were repressed from doing so by the concepts of the Waknuk people. Similarily, as a result both the Fringes civilization and the Waknuk civilization made no further progress in their current civilizations. Unlike these two civilizations, the Sealand civilization has already made an amazing progress since the Tribulation. Large cities were built, and transportation devices like cars and helicopters were available. Most importantly, people are accepted as who they are. People who have telepathic powers like David, Rosalind, and Petra were considered as highly gifted people. Life is change, according to one of the quotes that the Spider man said. â€Å"He sent along Tribulation to bust it up and remind’em that life is change. † Change is what brings about improvement of the living just like what the Sealand lady said. â€Å"The essential quality of life is living: the essential quality of living is change; change is evolution: and we are part of it. †

Is Elearning The Way Forward Education Essay

Is Elearning The Way Forward Education Essay E-learning, in its broadest sense, is the use of networked information technologies in education. E-learning is also called as web based learning, online learning or Internet based learning. E-learning is not bound to time and classroom attendance students and teachers may be at different locations on different times. One of the most common types of E-learning takes the form of distance learning courses. Universities upload course material for the student to study individually and complete tasks based on the course material. This allows students to access the course material on the web anytime and from anywhere. Advancement in computing and information technology coupled with almost universal availability of the broadband make e-learning an enticing option in many fields including medical education. In this assignment I will be reflecting on my personal experience with e-learning. I will also discuss its applicability in undergraduate medical education, postgraduate medical educatio n and continuing medical education of practicing clinicians. Theory behind e-learning The meaning of knowledge and learning have changed through time. There is a certain swift in emphasis on learning, rather than teaching, as we rightly move towards a learner centred curriculum. E-learning, which is based on well documented adult learning principles, certainly facilitates a learner centred approach. Traditional education is based on instructivism theory. Teacher or tutor teaches a predefined set of information, deciding what students had to learn. Students learn to pass the examination. E-learning is based on constructivist and cognitive theories suggesting that learning is individualised and the students past experiences and knowledge have a great impact on the newly acquired knowledge (Jonassen 1994). Blended learning refers to learning involving multiple methods and approaches, commonly a mixture of class room and e-learning Requirements for successful implementation Mitchell and Honore 2008 proposed a pyramidal system for successful implementation of e-learning programmes. The base of the pyramid, which forms the foundation for successful e-learning programme, consists of appropriate, accessible technology and usable, stimulating and interactive design. The apex of the pyramid is represented by the individuals who are involved in the programme and their attitude and motivation forms a major part in the success of e-learning methods. Basic computing skills are essential for the success of e-learning. There is an assumption that the current undergraduates have the necessary computing skills. Kiran et al 2004 has shown that computing skills among undergraduates are variable and one can not assume expertise or even ability. Good technical support is essential including after hours support. For effective e-learning, student should be able to access material quickly both on campus and at home. Slow connectivity can be a problem. There is considerable cost involved in setting an e-learning programme. Role of e-learning in Continuing Medical Education All practicing clinicians in the United Kingdom are obliged to attend Continuing Medical Education programmes to maintain knowledge and skills as a part of appraisal and revalidation (The General Medical Council). E-learning offers excellent opportunities in this area. I have completed many online e-learning courses. Advantages of these courses include minimal cost, no travel cost and there is no need to take time off to attend these courses as they can be completed from home. They offer excellent value for money and the quality of these courses are comparable to that off traditional courses. I recently attended an advanced laparoscopic surgery skills course. Few weeks prior to the course I was asked to sign up to the course organisers web site. I was able access part of the course material. This enabled me to practise some of the skills prior to attending the course. This has certainly enhanced my learning more than I would have acquired without the access to the e-learning material. There were 20 participants form 8 countries and most found the e-learning very useful. E-learning has made it possible for practicing clinicians from a remote part of the world to contact their peers through video conferencing in the management of difficult clinical situations and this facilitates on-the-job learning. When I was a resident in 1989 I had to wait for over two weeks to find out about an important adverse effect of a drug which now I could find out in a couple of minutes using online electronic databases. In medical education there can be no doubt that opportunities for learning occur all the time and not confined to the class room and e-learning has a lot to offer in this regard. Role of e-learning in Postgraduate Medical Education E-learning plays an important role in Postgraduate Medical Education. Many Deaneries across the United Kingdom has setup e-learning portals for the benefit of postgraduate trainees. Harden 2006 suggested that e-learning will be one of the most important developments in the delivery of postgraduate medical education. In surgical training many hands on courses utilise e-learning methods to enhance face-to-face learning. Types of e-learning resources The basic e-learning resources include e-textbooks, power point presentations of lectures and electronic notice boards. The communication in these methods is one way. Bilham 2005 argues that much of e-learning using these methods was based upon a model of knowledge transmission from the teacher to student as in the traditional education system. The rise of new technologies has turned the World Wide Web from strictly an information destination into a platform, not only to read or watch media, but to actually do things (Martin and Parker 2008). This has made innovative approaches possible in the field of medical education including group projects, virtual patients and virtual clinics. This encourages interactive learning. E-learning in undergraduate medical education I discussed with many Foundation Year one doctors who have graduated from different medical schools across the country. I have observed that the usage of e-learning is variable between medical schools. They felt that e-learning enhanced their learning in basic medical science like anatomy. Multimedia graphics helped them as they felt that the laboratory demonstration in it self was not sufficient for learning. In clinical medicine they felt that e-learning was beneficial in problem based case discussions and case presentations. E-learning has the potential to enhance the learning instead of simply presenting the information. Examples of beneficial multimedia may include a video clip, computer animation for explaining the underlying patho physiology and images of investigations like chest x ray or endoscopy pictures. I have observed that some e-learning using multimedia technology detract the learner from the key message that the teacher wanted to convey and this should be avoided. Physical skills are best learnt by performing them under direct supervision. E-learning, however, can be used to augment the teaching of practical skills. A video showing the technique will be helpful in priming the learner prior to attending a teaching session. Another interesting development in medical education is the application of virtual patient. Examples in this category include a video of clinical consultation to illustrate history taking or examination skills or for demonstrating a physical sign. This is useful for demonstrating certain clinical conditions which the student is unlikely to encounter during their short stay in certain clinical attachments like dermatology or rheumatology. Virtual patients can be used to teach the skills of diagnostic reasoning and patient management through interactivity. There are packages available which allows the student to take a virtual history from a bank of questions and this is followed by examining the patient. This can be artificial and I believe this is better learnt bedside. We have to acknowledge that most of the learning that occurs in clinical practice is opportunistic and technologies which could bridge the gap in experience will be beneficial. Assessment and feedback in e-learning Assessment and feedback are important elements of medical education. Time logged on to the website and accessing the e-learning modules can be monitored as a part of formative assessment. Formative or summative assessments in e-learning courses can be carried out using Multiple Choice Questions and Extended Matching Questions. Multimedia enhanced virtual patient case scenarios can be used for assessment followed by Multiple Choice Questions or diagnostic reasoning tests. Care must be taken to include all possible correct answers in diagnostic reasoning tests because programming can be technically challenging. I have some reservations in using e-learning summative assessments as the identity of the student can not be guaranteed and may encourage cheating. Feedback in e-learning is limited to correction of mistakes and it is difficult to provide detailed feedback. Evidence for e-learning in medical education Cook et al 2008 conducted a systematic review and meta-analysis of internet based instruction in medical education. They have concluded that e-learning is better than no intervention and as effective as traditional education. They have also concluded that there is no evidence to conclude that e-learning is better than traditional education. Clark 2002 has demonstrated that students are very satisfied with e-learning. Students, however, do not see e-learning replacing instructor-led training but as a complement to it, forming a part of a blended learning strategy. Advantages and disadvantages of e-learning E-learning has many advantages. The learner can schedule the learning around their personal and professional life minimising disruption to their day to day life. E-learning allows the learner to choose the learning material which is beneficial to them. The learner can pace their learning which suits them best. They will be able to contact their colleagues and teachers in discussions which can happen synchronously or asynchronously depending on the nature of the discussion. E-learning encourages the learner to take responsibility to their learning. The disadvantages of e-learning are as follows. There is a considerable start up cost as well as maintenance cost and this should be taken in to account when setting up an e-learning programme. As learners are responsible for their learning unmotivated learners and learners with poor study habit may find it difficult to progress. There is added responsibility for the facilitator to be available on demand. Students may feel socially isolated, however, blended learning overcomes this issue. Slow or unreliable internet connection can be challenging as most multimedia content needs fast internet connection. Conclusion E-learning has become an integral part of medical education starting from undergraduate medical education to the continuing professional development of the practising clinicians. Like other teaching methods, e-learning has its own strengths and weaknesses and need to be used appropriately. E-learning has the potential to shift the balance form teaching to learning. Basic computing skills are essential for e-learning. The range of e-learning activities varies from e-books to co-ordinated project works. Studies have shown that the results of e-learning methods are comparable to traditional teaching methods in undergraduate medical education. To be successful e-learning has to be combined with traditional teaching methods as a blended approach as practice of medicine involves real patients not virtual patients. E-learning is also playing an important role in the development of postgraduate trainees and life long learning of practicing clinicians. E-learning certainly has the potential t o enhance the learning in medical education, if used appropriately.

Hamlet: Essay On Act I :: Shakespeare Hamlet Essays

Hamlet: Essay On Act I         Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Act one of HAMLET   is an excellent introductory act.   Shakespeare establishes atmosphere, by introducing the major characters, the role of the supernatural, the revenge plot, the love plot, and the contrast of the Fortinbras plot, as well as Hamlet's fiegned madness.   Through his unique writing style, Shakespeare sets us up for the rest of the story, and captures the reader's attention, making him want read more.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Shakespeare establishes the atmosphere of the play, in scene I.   The scene takes place in Elsinore, on a platform before the castle.   The atmosphere is one of dark battlements, and nervous sentries, which catches the audiences attention right away.   As the bell tolls twelve on a frosty night, a silent ghost of the late King Hamlet apperars twice.   This provides one of the high points of the scene, along with this, Shakespeare presents the reader with information, regarding the military preparations in Denmark.   All of this provides for a dark, mysterious atmosphere, where the reader is wanting to know more.   Shakesperare continues to establish atmosphere in scene III.   In this scene, atmosphere of a diferent kind is created. This scene is a family scene, in which brotherly, and fatherly advice creates an atmosphere quite different from that of the appearance of the ghost and the problems of Hamlet and his relatives.   This creates an atmosphere of love, and betrayall, whereby Ophelia is forced to obey her father Polonious, and is told to be careful with Hamlet, as he is a prince, and will not look to marry just anyone, such as herself. Shakespeare continues to develop atmosphere throughout the act, and uses the atmosphere to introduce some of the characters in the play.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Shakespeare introduces some of the major characters in the play, and leaves lasting impressions of each on the reader.   Bernardo, and Francisco are introduced in the first scene, as officers watching their posts, but it is Horetio that leaves the greatest impression, as he is described as a well educated scholar, and seems to have great importance to the development of the play. In scene II, Claudious, the present King of Denmark is introduced.   He is the uncle of Hamlet, and just so happens to be masrried to Hamlet's mother, creating a definate first impression.   Hamlet is aslo introduced, and the impression perceived is one of a troubled individual, who is grieving his father's death, and is angry at his mother for marrying his uncle Claudious. Ophelia, Hamlet's girlfriend, and the daughter of Polonious is introduced in scene III.   She is described as a rather affectionate, but rather docile

Price, Consumer Behaviour and Marketing Activities Essay

Ferraris are a luxury good, known for their performance and prestige with prices of up to  £500,000. In this study there will be an effort to evaluate if a Ferrari would still be as desirable if it was available at  £20,000. To do this we must examine the relationship between the behaviours of consumers and price with a further examination of marketing activities. Firstly we need to define what consumer behaviour, price and marketing activities are, by understanding the consumer we can then create products that meets their wishes and needs which is vital in achieving success. An investigation of the Utilitarian (rational) consumption model will follow allowing the identification of driving factors that affect consumer’s decisions. This allows the introduction of Pricing, viewing towards perceived quality and value. The contrasting Hedonic view allows the introduction of socio-psychological factors on consumer behaviour such as personality and social class. We must appreciate our level of involvement with the product and what factors this may cause. This will allow us to fully appreciate whether the change in price will result in the Ferrari still being as desirable as when it was at a higher price. The study of consumer behaviour â€Å"is the study of the processes involved when individuals or groups select, purchase, use or dispose of products, service, ideas or experiences to satisfy needs and desires† (Soloman et al, 2002, p4). Therefore by studying what factors affect how and why consumers make these consumption decisions, marketers may be able to understand and therefore adapt to these decisions. Consumer behaviour incorporates ideas from many different disciplines such as psychology, sociology and economics. (Schiffman and Kanuk, 2000), in a marketing context we take note of all these concepts and try to come to a balanced answer. A full examination of consumer behaviour looks at how consumers maximise their utility (satisfaction) based on a cost-benefit analysis of price and product scarcity, this was thought of the Utilitarian or rational way of behaviour. (Baines et al, 2011). The key determinant is that the functional benefits must be greater than the costs exp ended. Very often we would class the cost expended as being the price paid for an item, this is a difficult term to classify but is best explained by Baines, Fill and Page (2011), (p331) â€Å"we consider price as the amount the customer has to pay or exchange to receive a good or service†. This however fails to mention that how consumers â€Å"perceive a price-as high, as low, as fair- has a strong influence on both purchase intentions and purchase satisfaction.† (Schiffman and Kanuk, 2000, p 144). For example a passenger who paid  £1 for his Ryanair flight will feel more satisfied one who paid  £71 due to purchasing at a later date. Here we look at whether a Ferrari is still as desirable at a lower price, to do this we must examine how customers affect to a change in prices, known in economic terms as the elasticity of demand. This measure how much demand will shift as a result of a change in price. To do this we can look at how in rational thinking consumers wish the be nefits to outweigh the costs, the benefits of buying a new Ferrari may be the quality and value you get for the price you paid. However as each person has a different wished level of quality we use the term ‘perceived quality’, often based on â€Å"informational cues that they associate with the product† (Schiffman and Kanuk, 2000, p145). Looking at the relationship between the perceived qualities and pricing often it is thought that price reflects quality (Baines et al, 2011). This is challenged by the aspect we take our perceived quality from many cues, not just price, such as more extrinsic values such as brand image. Therefore it can be classes that â€Å"consumers use price as a surrogate indicator of quality if they have little or no information to go on† (Schiffman and Kanuk, 2000, p150). The idea of brand image as a cue introduces the more hedonic concept of feelings, desires and perceptions into the consumer’s decision. As already discussed prices and quality are not measured in purely rational terms they encompass our perceptions of the product, price and measure of quality. Our perceptions are personal to us and it is vital for marketers to understand what factors may affect these perceptions. To do this we must understand how consumption may be irrational (hedonic) involving the â€Å"multi-sensory, fantasy and emotional aspects of consumers’ interaction with products† (Soloman et al, 2002, p37). This view stresses that we purchase products because of how they make us feel or look to others. This is sometimes classed as emotional or socio-psychological buying (Baines et al, 2011). The stark difference between utilitarian and hedonic consumption can be seen in the process of proposition acquisition. We draw up a motive for acquiring the product; this may be out of functional (rational) or desire (irrational) means. We then gather information on the product drawing up a shortlist of brands, followed by an evaluation of the proposition. When it comes to the purchase of the item it is important to consider â€Å"the personal importance a person attaches to a given communication message† (Baines et al, 2011, p 90) this is classes as the person’s involvement. As discussed in Fill (2009, p174) the characteristics involved with involvement can be seen in three phases, that of contextual elements, the influencers and the outcomes. Our level of involvement with a product can play a role in the price fairness we perceive for this product. At states of low involvement where â€Å"the purchase suggests little risk to the consumer† (Fill, 2009, p176) we require little information and use past experiences to make our decisions. However at high levels of involvement where, â€Å"a consumer perceives an expected purchase that is not only of high personal relevance but also represents a high level of perceived risk† (Fill, 2009, p 176), consumers will invest a great deal of time researching the item to reduce the perceived risk and will draw on extrinsic information and may draw more on hedonic terms. The relationship between price and involvement can be seen at both levels, at low levels price allows individuals to discriminate between low-involvement purchase decisions as â€Å"price, packaging, and point of purchase displays and promotion’s work together to cue and stimulate an individual into trying a product.† (Fill, 2009, p 180) At high levels of involvement price is not such a determining factor, with other factors playing a more significant role. Involvement does not juts affect the importance placed on price it also affects how a product is marketed to the consumer. This raises Ratchfords (1987) thoughts of involvement being linked with feeling and thinking. He sought to think how people thought about products and class them as high/low involvement and whether they were a product you bought rationally, what you thought of the product, or irrationally, how the product made you feel. In this instance the purchase of a Ferrari which would have been a high involvement/feeling product there is â€Å"a need for emotional advertising† (Baines et al, 2011, p91). With the shift in price it can be argued that the product has now became a high involvement/thinking product so more informative advertising is needed. Further links between price, consumer behaviour and price can be seen in Fill (2009, p 181) arguing that at low levels of involvement consumers will â€Å"decide upon their usual brand until they notice a price promotion† ,this then may be become there habitual buying pattern. As discussed earlier at high levels of involvement, more emotional and informative advertising is used there are many reasons for this including that factors such as lifestyle, social class and personality can all affect our hedonic consumption. In the sphere of personality there are three main approaches. Firstly the psychoanalytic approach Freud outlined how we are driven by subconscious drives in three parts our ID, Ego and Superego. It is argued that certain products are bought to fulfil our needs and urges such as the purchase of a Ferrari. The reduction of price may then not allow us to fulfil this urge. A differing approach is that of Trait theory, where we are classified by our types of personality. The purchase of a  £500,000 car may be seen as fulfilling one personality type, by reducing the price to  £20,000 the market segment may change and as â€Å"car manufacturers†¦ market products on the basis of personality types† (Baines et al, 2011, p96) this may ch ange the whole marketing process and the way this process is presented. The final school of thought is the Self Concept Approach that we â€Å"buy goods†¦ for the brand they represent and its relation to the buyer’s perception of their own self-concept or personality.†(Baines et al, 2011, p96). In this model it may be argued that price is a determinant factor as we may buy to show we can pay high prices to others. Added to this is the idea that the brand gives you a self-image therefore a change in the price can affect the branding and may lead you to a different purchase decision. The price change may also change what reference group a Ferrari would belong to it may no longer be an aspiration so may become less desirable. The change in price may however be beneficial when looking at consumer behaviour in relation to lifecycle and social class. Focussing on lifecycle â€Å"we hypothesize that people in the same stages of life purchase and consume similar kinds of products† (Baines et al, 2011, p108), a £500,000 Ferrari may fall into the stage of empty nest 1, where there is large disposable income, the shift downwards in price will allow a Ferrari to become more accessible to different stages of the lifecycle, thus making it more desirable to these groups. To conclude pricing, consumer behaviour and marketing activities are all linked. By determining whether the consumption is either rational or irrational we can investigate the level of involvement one may have with that product. This then allows us to look at how perceived values, price and quality link with the way the consumer behaves. As consumer behaviour study evolves from â€Å"early emphasis on rational choice†¦to a focus on apparently irrational buying needs† (Holbrook and Hirschman, 1982, p132) we are able to investigate other factors that may relate to consumer behaviour such as lifestyle, social class and what level of involvement is involved. As we can see in rational decisions there is a link between price and behaviour, with the benefits outweighing the costs, the same can be said at decisions of low involvement. However other extrinsic factors have to be considered when making higher involvement decisions. The decrease in price therefore may make the Ferrari more desirable if you are making the purchase at a low involvement level however at a higher level other factors need to be considered to give a true representation of its desirability. Reference List Books and Ebooks Baines, P. Fill, C. Page, A., (2011), Marketing, 2nd ed., Oxford: Oxford University Press Fill, C. (2009), Marketing Communications : Interactivity, Communities And Content., 5th ed., Harlow: Pearson Education Limited Schiffman, L,G. and Kanuk, L,L. (2000), Consumer Behaviour, 7th ed., London: Prentice Hall International (UK) Limited Solomon, M., Bamossy, G., Askegaard, S. and Hogg, M. K. (2006) Consumer behaviour: a European perspective, 3rd ed., Harlow: Financial Times. Lecture Notes C18FM1 2012/2013 Online Journals Holbrook, M, & Hirschman, E (1982),. ‘The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun’, Journal Of Consumer Research, 9, 2, pp. 132-140, Business Source Premier, EBSCOhost, viewed 22 October 2012.